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Published: 28 February 2022

Gross domestic product grew in the last quarter of 2021

According to Statistics Finland's preliminary data, the volume 1) of Finland’s gross domestic product increased in October to December by 0.6 per cent from the previous quarter. Compared with the last quarter of 2020, GDP adjusted for working days grew by 2.9 per cent.

The volume of GDP grew by 3.3 per cent in the whole of 2021. The growth started in the second quarter, when GDP exceeded its level prior to the corona pandemic and continued strong until the end of the year.

Gross domestic product by quarter, volume series, reference year 2015 (EUR bn)

Gross domestic product by quarter, volume series, reference year 2015 (EUR bn)

According to revised data, GDP grew by 0.9 per cent in the third quarter of 2021 from the previous quarter (was 0.8%) and by 3.5 per cent from twelve months back (was 4.2%).

In October to December, the volume of exports grew by 7.1 per cent and the volume of imports by 3.8 per cent from the level in July to September. Gross fixed capital formation, or investments, grew by 3.0 per cent and private consumption by 0.2 per cent from the previous quarter. Government consumption expenditure went down by 0.2 per cent.


1) Volume refers to data from which the effects of price changes have been eliminated. Volumes (reference year 2015) are expressed relative to the 2015 level at current prices (in EUR). Change percentages from the quarter of the previous year have been calculated from time series adjusted for working days, and change percentages from the previous quarter from seasonally adjusted time series.

Source: National Accounts 2021, 4th quarter. Statistics Finland

Inquiries: Samu Hakala 029 551 3756, Eljas Tuomaala 029 551 2723, kansantalous.suhdanteet@stat.fi

Head of Department in charge: Katri Kaaja

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Updated 28.02.2022

Referencing instructions:

Official Statistics of Finland (OSF): Quarterly national accounts [e-publication].
ISSN=1797-9765. 4th quarter 2021. Helsinki: Statistics Finland [referred: 30.6.2022].
Access method: http://www.stat.fi/til/ntp/2021/04/ntp_2021_04_2022-02-28_tie_001_en.html